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$7 Billion In New Investments For GM EV Plants In Michigan

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GM has now announced $7 billion of investments in Michigan that will build toward a goal of 1 million units of EV production capacity in North America by the end of 2025.
Over the past four years, General Motors has garnered a lot of headlines for its announcements around plans to shift from internal combustion to battery electric vehicles including plans for $35 billion of investment in products and manufacturing. So far that hasn’t actually amounted to much product hitting the street with GM selling fewer than 25,000 EVs in the US in 2021 and just 26 units in the fourth quarter. GM has now announced $7 billion of investments in Michigan that will build toward a goal of 1 million units of EV production capacity in North America by the end of 2025. Today’s announcement included $4 billion to retool the Orion, Michigan assembly to produce up to 360,000 electric pickup trucks starting in 2024. This will be in addition to the 270,000 units of capacity at the Detroit-Hamtramck assembly plant known as Factory Zero. The Detroit plant is building the GMC Hummer EV, Cruise Origin, Chevrolet Silverado EV and GMC Sierra EV. Orion is planned to focus on the Silverado and Sierra. Combined the two plants are planned to produce about 600,000 Silverados and Sierras annually. In 2020, the four assembly plants producing light and heavy duty pickups in Oshawa, Ontario, Fort Wayne, Indiana, Flint, Michigan and Silao Mexico produced about 850,000 units so as the EVs ramp up, some of those will likely have to shift to other products.

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